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How can I show my results to the world?

  • #21
  • Sep 6, 2009 10:44am Sep 6, 2009 10:44am
Quoting PeterFM
Manual - all based on S/R. No indicators.
Well, I'm impressed.

Do you use any fib retraces? ma's? What time frames?

Hope I'm not too nosy..

Thanks.
  • #22
  • Sep 6, 2009 10:49am Sep 6, 2009 10:49am
I dumped Fibs a long tome ago. I've never seen a Fib retracement that didn't match an existing S/R area.

Key TFs:

  1. Monthly/Weekly for key S/R areas
  2. Daily S/R for ranging periods
  3. 4-hr for Stop loss adjustments (sometimes - depending on PA)
  4. 5-15M for entries at S/R levels

  • #23
  • Sep 6, 2009 11:01am Sep 6, 2009 11:01am
Quoting PeterFM
I dumped Fibs a long tome ago. I've never seen a Fib retracement that didn't match an existing S/R area.

Key TFs:

  1. Monthly/Weekly for key S/R areas
  2. Daily S/R for ranging periods
  3. 4-hr for Stop loss adjustments (sometimes - depending on PA)
  4. 5-15M for entries at S/R levels

How about exits?
  • #24
  • Sep 6, 2009 11:36am Sep 6, 2009 11:36am
I try to identify an exit area around Resistance (if I'm long) and assess if price will get all the way or if there are areas of previous consolidation below that area, in which case I'll bring my TP target down a bit.

I've long stopped worrying about a few missed pips on those occasions when price has pushed thro' my TP. I'll wait for a pullback and then trade again if I feel comfortable.

This comes after several years of trial and error, staring at charts, reading and absorbing info from the J16 thread and NOT following any of the pair threads in FF.

My way is my way and my trade decisions are mine, not based on anyone else's view of the charts. Not trying to sound arrogant but after all this time I can only trust my own judgement. This doesn't mean I don't study any new thread that hits the site - but if I open up a post and see any indicator on a chart I move on.
  • #25
  • Sep 6, 2009 11:53am Sep 6, 2009 11:53am
Quoting PeterFM
I try to identify an exit area around Resistance (if I'm long) and assess if price will get all the way or if there are areas of previous consolidation below that area, in which case I'll bring my TP target down a bit.

I've long stopped worrying about a few missed pips on those occasions when price has pushed thro' my TP. I'll wait for a pullback and then trade again if I feel comfortable.

This comes after several years of trial and error, staring at charts, reading and absorbing info from the J16 thread and NOT following any of the pair threads...
Very informative, thank you.

Have you tried programming your trading system? Or is there too much discretion involved?
  • #26
  • Sep 6, 2009 12:28pm Sep 6, 2009 12:28pm
I couldn't program my way out of a wet paper bag .

Yes, it nearly all discretionary, although I do use blind entries at times. Nearly all the trades on that graph are based on one pair (GBPJPY) with the exception of a dumb-ass short I took on the EURUSD. That was the 5.47% drawdown and I still can't explain why I took it. I'd set a disaster stoploss and couldn't get back to computer in time to get out earlier.

I spend a lot of time deciding my trades based on the prevailing trend (on the daily chart) and then look to find opportunities to trade with that trend. Even in a retracement period such as we're in now, my bias is long. I look for a significant low and as long as price hasn't broken below that I'll trade long. I do miss an awful lot of pips because I don't trade short in this sort of scenario but the graph tells the story.

I also have a live account which is nearly as pretty but I only trade EURUSD on that account and haven't been studying the chart for the same length of time as GBPJPY. Now I have a feel for Fiber's rhythm I'm making steady growth in that account as well.

Still only using S/R though.
  • #27
  • Sep 6, 2009 4:22pm Sep 6, 2009 4:22pm
Quoting PeterFM
I couldn't program my way out of a wet paper bag .

Yes, it nearly all discretionary, although I do use blind entries at times. Nearly all the trades on that graph are based on one pair (GBPJPY) with the exception of a dumb-ass short I took on the EURUSD. That was the 5.47% drawdown and I still can't explain why I took it. I'd set a disaster stoploss and couldn't get back to computer in time to get out earlier.

I spend a lot of time deciding my trades based on the prevailing trend (on the daily chart) and then look to find opportunities...
Got it.
So you're trading the EURUSD with the same method?
  • #28
  • Sep 6, 2009 4:41pm Sep 6, 2009 4:41pm
Quoting wilkinson
Got it.
So you're trading the EURUSD with the same method?
I've spent a year, or more, getting to grips with GBPJPY to test my ideas on S/R and apart from a few blips early on have managed to transfer them to the EUR. I chose the GBPJPY as the pair to test this on as it flies around at times and, more than any other pair I feel, needs the closest attention to correct stoploss positioning and, therefore, much more accurate position sizing.

At the moment these are the only pairs I trade as, at my age, I need to focus on one thing at a time.

I tried trading anything that moved in my early days and realised that most of the time I was purely gambling. By sitting and watching just one or two pairs I have become 'in tune' () with the rhythm of each pair's movement (as far as that is possible) and don't become easily panicked when going into drawdown.

I'm never complacent (now), but I feel I know when to hold 'em and when to fold 'em much better than I used to.

I should point out that I've been trading for more than 3 years, so this is where I am now. It may not be where I'll be in another 3 years but I can't see where else there is to go. I'm as near naked as it's possible to be whilst still using charts and all I'm looking to do now is more fully understand the deeper workings of the market. As I'll never get to work on a trading floor as a local then that part of my research will, necessarily, be limited.
  • #29
  • Sep 6, 2009 5:11pm Sep 6, 2009 5:11pm
Yeah, there's no point trying to trade as many pairs as possible, as trading is all about quality of trades rather than quantity.

Interesting to know though your method works well on two pairs (and might be more as far as I know).

So for how long have you been consistent with this method?

Just trying to measure your success...
  • #30
  • Edited Sep 7, 2009 3:00am Sep 6, 2009 5:39pm | Edited Sep 7, 2009 3:00am
Quoting wilkinson
Yeah, there's no point trying to trade as many pairs as possible, as trading is all about quality of trades rather than quantity.

Interesting to know though your method works well on two pairs (and might be more as far as I know).

So for how long have you been consistent with this method?

Just trying to measure your success...
In essence, about 12 months. I started a demo in Aug 2008 just to refine this and I've attached the equity curve up till Dec 2008. I stopped trading (live and demo) through the holiday period and found that the demo account had been de-activated in Jan. Therefore I had to start a new demo account this year.

So the trades on the myfx site are the trades since Jan 2009 and the PDF attached is from Aug 2008 to the end of Dec 2008. Many of these early trades were single micro lots and well below even 1% as a risk profile as this was really a test period for me. The reason for the dramatic climb in this year's curve is simply that I've upped my risk to an average of 2.5%.

Having proved to myself that I can trade trending and ranging periods this way, now I need to know if I can handle large drawdowns in live and demo. Demo drawdown is easy to deal with, for obvious reasons, but watching real money being put on the line is a test of the emotions and a test I need to face if I am to make further progress as a trader.

I've no reason to suppose it won't work on other pairs - after all it's only S/R.

----------
Attached File(s)
File Type: pdf equity_curve_2008.pdf   20 KB | 365 downloads
  • #31
  • Sep 7, 2009 2:11am Sep 7, 2009 2:11am
Thanks for the link, I will try it.

I have another question, though.
I saw someone asking PeterFM if he's trading manually or automatically. Which way is better?
  • #32
  • Sep 7, 2009 2:35am Sep 7, 2009 2:35am
Quoting vaultdweller
Thanks for the link, I will try it.

I have another question, though.
I saw someone asking PeterFM if he's trading manually or automatically. Which way is better?
Well, I'd automatically say manually . But then I would wouldn't I?
  • #33
  • Sep 7, 2009 5:10am Sep 7, 2009 5:10am
Quoting PeterFM
In essence, about 12 months. I started a demo in Aug 2008 just to refine this and I've attached the equity curve up till Dec 2008. I stopped trading (live and demo) through the holiday period and found that the demo account had been de-activated in Jan. Therefore I had to start a new demo account this year.

So the trades on the myfx site are the trades since Jan 2009 and the PDF attached is from Aug 2008 to the end of Dec 2008. Many of these early trades were single micro lots and well below even 1% as a risk profile as this was really a test period...
Looks like you've made it to where every trader tries to get to..Congratulations!

So are you trading full time? Or this is the next step?
  • #34
  • Sep 7, 2009 6:52am Sep 7, 2009 6:52am
Quoting wilkinson
Looks like you've made it to where every trader tries to get to..Congratulations!

So are you trading full time? Or this is the next step?
We have a retail business that provides our main income but there is the live account that I trade which is designed to provide backup to my pension (I'm now officially retired in the UK).

In due course the funds from the US b roker will be pulled across to the UK to go into either a spread betting or a binary options account. Both of these are treated as tax-free incomes by HMRC so have advantages over normal spot FX.

So, in answer to your question. Yes, I trade full time but it's not my main source of income.
  • #35
  • Sep 7, 2009 9:27am Sep 7, 2009 9:27am
Quoting PeterFM
We have a retail business that provides our main income but there is the live account that I trade which is designed to provide backup to my pension (I'm now officially retired in the UK).

In due course the funds from the US b roker will be pulled across to the UK to go into either a spread betting or a binary options account. Both of these are treated as tax-free incomes by HMRC so have advantages over normal spot FX.

So, in answer to your question. Yes, I trade full time but it's not my main source of income.
Sounds like you're all set, and you know what you're doing.

Have you thought of, or been asked to trade for clients? Looking on your system page, I don't think it will be an issue for you to find any.
  • #36
  • Sep 7, 2009 10:12am Sep 7, 2009 10:12am
Quoting wilkinson
Sounds like you're all set, and you know what you're doing.
That's what I thought before I blew my first account .

Quote
Have you thought of, or been asked to trade for clients? Looking on your system page, I don't think it will be an issue for you to find any.
No & no. I don't need any additional pressure at the moment. What I do gives me pleasure and satisfaction (good trade or bad). It's an intellectual exercise that produces an extra source of income as a by-product.

I've had too many years of working for myself to want to go back to being answerable to anyone else for what I do. If I do make a mistake, the only person that can possibly be hurt is me.

Apart from anything else, I would suspect that it might stall my plans for a restful retirement in France. The thought of some geezer phoning me up every day wondering if I've made his 6% yet appals me .

Mind you, if you have a spare 100K that you want to risk then PM me .
  • #37
  • Sep 7, 2009 10:48am Sep 7, 2009 10:48am
I signed up, activated the account by email, I clicked on "Portfolio", "Add account",.... and at the bottom is a button for add account instructions
  • #38
  • Sep 7, 2009 1:20pm Sep 7, 2009 1:20pm
Peter,

I'm glad to see you're enjoying yourself and being consistent. That's the key, isn't it?
  • #39
  • Sep 7, 2009 1:42pm Sep 7, 2009 1:42pm
Quoting Dopey
Peter,

I'm glad to see you're enjoying yourself and being consistent. That's the key, isn't it?
Much of what I am now is down to you .

Along with one or two others on here you've kept me on the straight and narrow.

I owe you, big time.
  • #40
  • Sep 7, 2009 4:46pm Sep 7, 2009 4:46pm
Quoting PeterFM
Well, I'd automatically say manually.
May I quote you on that?

You just never know what oddball thread in which you're going to find shiny nuggets. Good questions you're asking, wilkinson. This is like a BBC chat show interview. "Our guest trader this evening is PeterFM..."
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